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Friday, August 24, 2012

Gov’t urged to establish stock exchange market

Abdoulie
Baks Touray, president of American Chamber of Commerce (AmCham), has said many big corporations around the world today started as a
sole ownership and end up coming together to form big businesses with diverse
ownerships through established and organised stock exchanges.

Mr Touray

He says if the
government could first create the legal instrument for its existence, a stock exchange market would greatly help in turning small
businesses into giant corporations that would drive the Gambian economy into
the likes of Singapore and other emerging economies and industrialisednations.It would also create space for a fluid financial and capital market.

Explaining an instance by which small businesses can
become big corporations through the stock exchange market, Mr Touray said: “For
instance, you came in as an individual to start MarketPlace newspaper; later on you realised that you need to
expand the business, so you go to the stock exchange market to float your
shares for interested investors to take ownership then the business becomes an ‘invisible
hand’, a corporation that is largely beyond the control of individual firms.”

He also cited the case of Henry Fords, founder of
Ford Motor Company, who started the company as an individual but later floated
its shares in a stock exchange and people took ownership of it and the company
became an ‘invisible hand’.

It is difficult for companies to metamorphose to big
corporation in the absence of stock exchange market, he says.With a stock exchange, companies that want to
expand can go and float their shares for more people to take ownership of them
and then they would expand.

“Without
a stock exchange, if I want to buy shares in the MarketPlace, where do I go?” he asked.“Gambians trade in everything but
shares.All the countries in West Africa
now have a stock exchange except The Gambia.”

He
explains further: “If I want to buy fish, I go to the market, if I want to buy
milk I go to the supermarket. If I want to buy shares, where do I go?If Sierra Leone that is just out of civil war
can have a stock exchange, The Gambia can do it too.”

Mr
Touray said the private sector is ready for a stock exchange but the government
has to first create the legal instrument for its existence. “You don’t want to
have a situation where you establish a stock exchange and you don’t have
anybody to control you,” he said.

Aside
from the stock exchange, Mr Touray says there are number of challenges facing
the Gambian private sector. “The number one challenge is that, cost of factors
of production is very high in this country,” he notes.

Again,
despite the numerous banks in the country, the economic analyst says, access to
finance is virtually dead.

This is because there are only commercial banks,
he reasons, saying: “If you want to borrow to establish an enterprise in The
Gambia you pay 20% interest; if you borrow D1 million after five years it
doubles.In Senegal the interest rate is
7%, Ghana is 7%, and Nigeria is 9%, so the interest rate in The Gambia is very
high; it ought to come down.”

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About Me

The Publisher of this blog - Lamin Jahateh - is a professional journalist, with many years experience in journalism. Mr. Jahateh attended both national and international trainings on journalism. He is an executive member of many professional organisations, including Network of Journalists Against Money Laundering and Terrorist Financing in West Africa, Freedom House - The Gambia Chapter, Young Journalist Association of the Gambia, etc